t.haley Posted November 10, 2008 Posted November 10, 2008 Client has a 401k plan and several welfare plans. The plan sponsor has changed its name (from "Inc." to "LLC"). EIN stays the same. Does this require a plan amendment changing the name of the plan sponsor for all its benefit plans?
BG5150 Posted November 10, 2008 Posted November 10, 2008 Client has a 401k plan and several welfare plans. The plan sponsor has changed its name (from "Inc." to "LLC"). EIN stays the same. Does this require a plan amendment changing the name of the plan sponsor for all its benefit plans? Going from a corp to an LLC, will the method of determining compensation for the partners change? E.g. from W2 to Schedule K? I think that would require an amendment. QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
Blinky the 3-eyed Fish Posted November 10, 2008 Posted November 10, 2008 BG, the doc will always define compensation for W-2 and self-employed individuals. The change in status will not require an amendment for that purpose. "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs."
PensionPro Posted November 10, 2008 Posted November 10, 2008 Some practitioners believe no amendment is required just a board resolution if you ONLY have a plan name change. Our conservative approach is to amend the document, especially if there is change of employer's name, change of entity type, change of EIN, etc. This also communicates the change to the participants via SMM for QDRO and other purposes. You may also want to check whether your document says something specific about name changes, headings and sub-headings. PensionPro, CPC, TGPC
Guest Sieve Posted November 10, 2008 Posted November 10, 2008 . . . or, another alternative, although not as conservative as PensionPro's suggestion, is to wait to make the change until you make another substantive change in the document, such as when you amend for EGTRRA. A plan can continue with a name which does not match the name of the employer, and usually "employer" is defined to include successors, so you really are ok as is.
t.haley Posted November 10, 2008 Author Posted November 10, 2008 . . . or, another alternative, although not as conservative as PensionPro's suggestion, is to wait to make the change until you make another substantive change in the document, such as when you amend for EGTRRA. A plan can continue with a name which does not match the name of the employer, and usually "employer" is defined to include successors, so you really are ok as is. Thank you for all of your responses. They were very helpful.
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